Canara Bank obtains RBI nod to sell its factoring subsidiary

State-owned Canara Bank on Tuesday said it has received Reserve Bank approval to sell its stake in its factoring subsidiary. Canara Bank holds 70 per cent in its unlisted subsidiary, Canbank Factors Ltd. The bank is exploringevaluating the procedures with regards to the same, Canara Bank said in a regulatory filing.

State-owned Canara Bank on Tuesday said it has received Reserve Bank approval to sell its stake in its factoring subsidiary. Canara Bank holds 70 per cent in its unlisted subsidiary, Canbank Factors Ltd. The bank is exploring/evaluating the procedures with regards to the same, Canara Bank said in a regulatory filing. It further said Canara Bank is holding 69.14 per cent shares in its unlisted subsidiary, Canbank Computer Services Ltd (CCSL), and proposes to buy out shares of other shareholders i.e. Bank of Baroda (BOB) and DBS Bank India Ltd (DBIL). The bank is also exploring transferring the credit card and other digital product portfolio of the Bank to CCSL, it said.